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Oceaneering sees organic CapEx FY16 $110M-$125M

Comments disclosed in regulatory filing.

OIIOceaneering

$25.11

-0.14 (-0.55%)

09/27/16

SBSH

09/27/16INITIATIONTarget $27SBSHNeutral

Oceaneering initiated with a Neutral at Citi

Citi analyst Scott Gruber started Oceaneering International with a Neutral rating and $27 price target. The analyst expects the negative sentiment toward offshore drilling to persist through the customer budget cycle.

Stephens analyst Matthew Marietta lowered his price target for Oceaneering to $30 from $36 based on the ongoing deterioration in offshore activity and expectations for a later offshore market recovery and lower trough, weighing on utilization and pricing. However, the analyst reiterates an Overweight rating on the shares and maintains his constructive long-term thesis as Oceaneering has again proven its ability to generate cash flow while gaining/protecting market share across its diverse portfolio.